PM sector trend is defined by how well SGR and real price of gold (GCR) co relates. PM sector is in up trend when both ratios are rising togather and trend is down during their decline.
When ratio diverge GCR up vs SGR down sector is in down trend. Note a brief period in 2016 from Jan to August both ratios rose to gather. PM sector bull trend Periods : 2005 to 2008, 2009 to 2011 and current down trend that began from 2012 to current multiyear divergence.

Gold to CRB vs Silver to gold ratio weekly chart shows 30 ema lines to reduce the noise.